Do you realize how important choosing the right lender is?
Recent studies indicate that on average 2 out 10 buyers regret using the financial institution they used to secure a mortgage. Why do you think that is? Let's talk about why consumers make the decisions they do. MYTH: For some reason people seem to think that you should always use the same institution (bank, credit union, your hometown bank..ect) you've always dealt with. FACT: There's nothing wrong with having options, especially if it's a good one.
What Should You Do:
Rely on your first mind. If you get any strange feeling about what your doing...RUN! You say, "What is a strange feeling'? you begin feeling as if things aren't clear, your GUT tells you something isn't right, you're asked to sign documents you don't really understand and you feel hurried.
What Should You Expect:
Expect to be treated with respect. It should NEVER be assumed that you automatically understand "the mortgage language and terms" The process should be explained to you until you do understand. You should expect open and clear communication at all times. You should know what you're signing and the implications.
Do your research! Don't wait until you find a home. Take time to weigh all options when you're under no pressure to make a quick decision. Check out customer satisfaction ratings, review pricing and rates, but don't make your decision to do business with them based on rates only or because you think you're getting a good deal unless you truly are getting a good deal. If you've done your due diligence (research) you'll know quickly if you're really getting a GOOD deal. It'll stick out like a sore thumb. Oh, and don't rely on just one single recommendation as every loan and the experience associated with it is different. It may or may not work out the same way for you!